Wiley Practitioner's Guide to GAAP 2022

22ASC 330 INVENTORY

• Perspective and Issues
  • Subtopic
  • Scope
  • Overview
    • Issues
    • Classification
• Definitions of Terms
• Concepts, Rules, and Examples
  • Accounting for Inventories
    • Periodic Inventory System
    • Perpetual Inventory System
  • Control of Goods
    • Goods in Transit
    • Examples of Goods in Transit
  • Other Control Issues
    • Example of a Consignment Arrangement
  • Costs Included in Inventory
    • Merchandise Inventory
    • Manufacturing Inventories
    • Example of Recording Raw Material Costs
    • Example of Allocating Fixed Overhead to Units Produced
    • Example of Variable and Fixed Overhead Allocation
    • Allocation of pool #1—costs to production
    • Allocation of pool #2—costs to production
    • Allocating Overhead to Products in Costs of Goods Sold and Finished Goods Inventory
  • Cost Flow Assumptions
    • Specific Identification
    • Standard Costs
    • Example of Standard Costing
    • Average Cost
    • Example of the Weighted-Average Method
    • First-In, First-Out (FIFO)
    • Example of the Basic Principles Involved in the Application of FIFO
    • Last-In, First-Out (LIFO)
    • Example of the Single Goods (Unit) LIFO Approach
    • Example 1—Identifying Pools
    • Example 2—Identifying Pools
    • Example 3—Identifying Pools
    • Example of the Dollar-Value LIFO Method
    • Example—Link-Chain Method
    • Comparison of Cost Flow Assumptions
  • Other Issues
    • Inventory Purchases and Sales with the Same Counterparty
    • Inventory Hedges
  • Valuation Issues
  • Lower of Cost or Net Realizable Value (NRV)
  • Lower of Cost or Market (LCM)
    • Example of the Lower of Cost or Market Calculation
    • Retail Inventory ...